This theory was popularized in the book Social Choice and Individual Values, and won its namesake the Nobel Prize in Economics in 1972. This theory assumes that a preference order must be extracted on a given set of options a
This theory was popularized in the book Social Choice and Individual Values, and won its namesake the Nobel Prize in Economics in 1972. This theory assumes that a preference order must be extracted on a given set of options and states that monotonicity, non-imposition, and independence of irrelevant alternatives together imply Pareto efficiency. This theorem states that [*] universality, non-dictatorship, monotonicity, non-imposition, and independence of irrelevant alternatives are not all attainable by a single voting system with at least two voters and three options. For 10 points, name this theorem regarding a lack of fairness in certain voting systems.
This theory was popularized in the book Social Choice and Individual Values, and won its namesake the Nobel Prize in Economics in 1972.
{Arrow’s Impossibility} Theorem [or {Arrow’s Paradox}]